Your client wants to avoid any penalty for underpayment of estimated taxes by making timely deposits. Determine the amount of the minimum quarterly estimated tax payments required to avoid the penalty. Assume your client's adjusted gross income last year was $140,000.





A) $7,650

B) $7,750

C) $8,750

D) $11,000


A) $7,650



Use the lesser of 90% of this year's tax or 100% of last year's tax.







This amount is less than 25% of last year's tax liability ($40,000) minus the amount withheld ($9,000) or $7,750.

Business

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What will be an ideal response?

Business

If P(A) = 0.25 and P(B) = 0.65, then P(A and B) is:

a. 0.25 b. 0.40 c. 0.90 d. cannot be determined from the information given

Business